The Real Estate Institute of South Australia (REISA) says the metropolitan market is reminiscent of boom times and shows there is great confidence in the local real estate sector.
“The September quarter is historically the quietest quarter of the year but these results prove that Adelaide really is in a league of its own at the moment,” REISA President Mark Sanderson said.
“The median house price has risen 11.5% over the past 12 months to $320,000 and sale numbers are well over 5000 again for the quarter.”
“Adelaide reached the $300,000 mark only six months ago and this high level has well and truly been sustained by these latest results.”
Mr Sanderson said the State-wide median house price was also strong at $291,000 – a jump of 9.8% from 12 months ago.
“The inner suburbs of Adelaide are driving these big price rises, with the median price for a house in these exclusive suburbs sitting at $532,250,” Mr Sanderson said.
“However Adelaide’s housing diversity is clearly on show as the outer areas have also performed well. Individual suburbs such as Glenelg North and Gulfview Heights – which are at opposite ends of the city – both excelled this quarter with price rises of more than 50% over the past year.”
“Also, another factor in the market is the change of housing in some of the older, more traditional suburbs such as Glenelg North and Seaton.”
“Many large old properties are being re-developed to meet modern needs and this is changing the demographic in many areas.”
Mr Sanderson said unit and apartment prices were also solid across the metropolitan area, with the median jumping to $250,000.
“Adelaide has proven time and time again to be the best place to invest in real estate, as long term capital growth is second to none.”